VersaBank (TSE:VBNK) Trading Down 10.1% - Here's What Happened

Shares of VersaBank (TSE:VBNK - Get Free Report) traded down 10.1% on Wednesday . The stock traded as low as C$15.21 and last traded at C$15.60. 105,626 shares were traded during mid-day trading, an increase of 260% from the average session volume of 29,380 shares. The stock had previously closed at C$17.36.

Analysts Set New Price Targets

Separately, Keefe, Bruyette & Woods cut their price objective on VersaBank from C$27.00 to C$22.00 and set an "outperform" rating on the stock in a research report on Thursday.

VersaBank Stock Up 0.1 %

The company has a 50-day simple moving average of C$19.04 and a two-hundred day simple moving average of C$19.88. The firm has a market cap of C$487.67 million, a PE ratio of 9.80 and a beta of 1.07.

VersaBank Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, January 31st. Shareholders of record on Friday, January 31st were given a $0.025 dividend. The ex-dividend date of this dividend was Friday, January 10th. This represents a $0.10 annualized dividend and a yield of 0.66%. VersaBank's dividend payout ratio is currently 6.50%.

About VersaBank

VersaBank provides various banking products and services in Canada and the United States. It offers deposit products, such as web-based chequing accounts, guaranteed investment certificates, registered retirement savings plans, and tax-free savings accounts, as well as deposit insurance products. The company also provides lending services, including point of sale financing that covers purchasing loan and lease receivables from finance companies operating in various industries; commercial banking services comprising commercial real estate, public sector/infrastructure financing, and condominium financing; and residential mortgages.